Torrance, California, USA -As per MarkWide Research’s latest study, Europe Electric Vehicle Market is expected to grow at a CAGR of 25.34% during the forecast timeframe of 2022-2030 and will hit USD 1.43 Trillion by 2030
Electric vehicles run on electricity instead of gasoline or diesel fuel to generate electricity for their power. In addition to being more efficient than gas or diesel cars, they are also cheaper to operate than their gasoline or diesel counterparts. Because electric vehicles are environmentally friendly and do not produce any emissions when used, so they are becoming increasingly popular.
Furthermore, they are more fuel efficient than gas or diesel cars, which means they will cost you less to operate than those cars. Electric vehicles come in a wide range of shapes and sizes, including cars, buses, trucks, and hybrid electric vehicles. There are many benefits that electric vehicles offer over traditional gasoline-powered vehicles, which is why they are becoming more and more popular year by year. Reduced emissions, lower fuel costs, and a decrease in the use of fossil fuels are some of the benefits of these initiatives.
There are many different types and sizes of electric vehicles available on the market. A few of the most common types are listed below:
1) Electric Cars
2) Plug-in Hybrid Electric Vehicles (PHEVs)
3) All-electric Vehicles (AEVs)
4) Fuel Cell Electric Vehicles (FCEVs).
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Europe Electric Vehicle Market Covid-19 Impact and Growth Factors
There has been a significant impact on the European electric vehicle market due to the advent of the COVID-19 pandemic worldwide. Due to the imposed lockdown in several major European countries, electric vehicle manufacturing facilities have been forced to shut down. Additionally, there has been a lack of skilled labor in the market, which has further impacted the development of this market.
As the electric vehicle market in Europe continues to grow due to factors such as the increased demand for fuel-efficient, high-performance, and low-emission vehicles and more stringent government regulations and rules regarding vehicle emissions, the growth of the electric vehicle market in Europe is expected to continue. It is expected that the growth of the electric vehicle market in Europe will be hampered by high manufacturing costs and inadequate charging infrastructure, which are the factors that are expected to weigh on the growth of the electric vehicle market. Furthermore, technological advancements in the industry and proactive government initiatives are also playing a significant role in contributing to the growth of the Europe electric vehicle market over the next few years.
COVID-19 has been linked to a widespread economic downturn. Several countries imposed strict quarantines to contain the outbreak, resulting in the closure of manufacturing industries and disruptions to supply chains and production schedules. This has caused a downward spiral in the economy. The disruptions in the technology supply chains have been felt across several countries. During the lockdowns in Europe, several manufacturing facilities, supply chains, and consumer demands have been paralyzed, resulting in a significant decline in demand.
Due to this, there was a moderate effect on the EV market in Europe. Consequently, the market is expected to witness a slow recovery from 2022 onwards as a result of this. Several governments have implemented policies that have benefited both consumers and manufacturers to support the automotive industry. There was a significant increase in incentives and subsidies for EV buyers in countries like Germany, the United Kingdom, and Norway compared to the past few years.
There was also a continuous decrease in battery prices, which contributed to the increase in the adoption rate of electric vehicles in these countries. As compared to the previous year, the sale of EVs has doubled in the year 2020. Developed countries such as the Germany, France, the United Kingdom, and Norway control most of this market. Consequently, the market is expected to grow at a significant rate during the forecast period of the report.
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Europe Electric Vehicle Market Major Players Covered:
- Audi
- BMW
- Hyundai
- Mitsubishi
- Nissan
- Peugeot
- Renault
- TESLA, INC
- Volvo
- VOLKSWAGEN AG
Europe Electric Vehicle Market Segmentation Analysis:
- By Type
- BEV (battery electric vehicle)
- Hybrid electric vehicle
- Plug-in hybrid electric car (PHEV).
- Mild hybrid electric car (MHEV).
- Extended range electric vehicle (EREV)
- By Vehicle Type
- Passenger car
- Commercial vehicle
Electric Vehicle Benefits
The advantages of electric vehicles over traditional gasoline-powered cars are numerous. Because they produce zero emissions when running, they are much more environmentally friendly than conventional vehicles. The extra benefit of electric vehicles is that they require far less maintenance than gas-powered cars, and they can run longer on a single charge than gas-powered cars. Additionally, the infrastructure for charging electric vehicles continues to grow rapidly worldwide, making it easier and more affordable for people everywhere to own an electric vehicle.
Electric vehicles have many advantages over traditional gasoline-powered cars regarding fuel efficiency. Every day, more and more of them are being developed that are friendlier to the environment, require less maintenance, and are becoming more affordable and accessible.
Europe Electric Vehicle Market Geographical Segmentation Includes:
- UK
- Germany
- France
- Italy
- Russia
- Sweden
- Netherlands
- Rest of EU
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